Dubai Electricity and Water Authority’s (Dewa) shareholders have, in the general assembly held on March 28, 2024, approved the payment of total dividend of AED3.1 billion ($840 million) with a record date of April 8, 2024.

 

The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by Saeed Mohammed Al Tayer, MD and CEO of Dewa, and Members of the Board of Directors of Dewa, as well as 85.9% of the shareholders, a WAM report said.

 

For shareholders who have invested in Dewa’s shares prior to the dividend record date of April 8, 2024 (with a Last Entitlement Date of April 4, 2024), the next twelve-month dividend yield is 5.0% with reference to IPO share price of AED2.48 per share.

 

Crucial role

Matar Humaid Al Tayer, Chairman of Dewa, said: “Thanks to the insightful vision and wise directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has become a global hub for trade, finance, tourism and green economy. Dubai Electricity and Water Authority plays a crucial role in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. 

 

“Our unwavering efforts have contributed to Dewa’s record of achievements, highlighted the transition to clean energy and established Dewa’s global leadership. Dewa is focused on the strategic objective of delivering sustainable growth, staying at the forefront of smart and innovative operational excellence and optimising returns for all stakeholders while minimising its environmental footprint.”

 

Saeed Mohammed Al Tayer, MD and CEO of Dewa, commented: "Dewa is committed to achieving operational excellence and sustainable growth in alignment with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. 

 

Highest revenue

“In 2023, Dewa’s annual revenue exceeded AED29 billion, operating profit was over AED8.7 billion and EBITDA was over AED14.7 billion, all figures reflecting the highest in its history."

 

“We recorded the highest annual power generation of 56.1 TWh, which includes clean power generation of 6.2 TWh. We also recorded the highest peak power demand of 10.4 GW. On the water side, we reported the highest annual desalinated water production of 143.3 billion gallons and the highest daily peak water demand of 434 MIG. 

 

“In line with our sustainability commitment, we achieved annual emissions reduction of over 9.1 million tonnes of CO2 in 2023. Dewa set a global milestone in 2023 by recording the lowest Electricity line loss of 2%, lowest electricity Customer Minutes Lost of 1.06 minutes annually per customer as well as achieving world’s lowest Water line loss of 4.6%. Looking ahead, I am optimistic about our operating and financial outlook for 2024. 

 

“The surge in tourism, growth in the residential and commercial demand for our services and the rising active day-time population in the Emirate are promising indicators of further opportunities to grow our business,” Al Tayer added.--TradeArabia News Service